Equities gain marginally on stock market

Business Reporter
EQUITIES marginally gained last week, largely driven by gains in blue chips and some selected second-tier counters.
The industrial index rose 1,3 percent to 159,51 points compared to the week ending February 18 as the mining index sustained a bullish trend after rising 3,23 percent at 239,06 points.
Weekly turnover more than doubled to US$21,2 million from about US$9 million last week.
The heavily capitalised counters continued attracting investors during the week under review given that the bulk of the money was spent on the top five companies.
BancABC had the highest revenue of
US$7,1 million, Meikles at US$6,94 million, Econet at US$2,79 million and Delta at US$988 662.
The market opened the week slightly higher on Monday and was largely unchanged a day later.
Stocks rebound on Wednesday as the industrial index gained 0,18 percent, lifted by gains in PPC, which was up US5c at 33.
Cable manufacturer Cafca, Delta and Meikles also traded in the positive
territory.
Minings rose 0,36 percent at 232,87 points as Hwange put on US0,5c to US69c.
In Thursday trades, mild conditions characterised market performance with turnover regularising to average rates at US$1,2 million on 3,6 million shares traded.
On Friday, the industrial index rallied 0,7 percent at 159,51 points in largely positive trading.
Seed Co led the movers with a 5,09c
increase at US125,09c as Border rose US4,99c to US55c.
Natfoods put on US2c to US102c, Innscor added US1,2c to US63c and AICO settled US0,5c higher at US18,50c.
TA was down US1c to US20c while CBZ and Fidelity Life dropped US0,1c to trade at US18,5c and US2,2c respectively.
In minings, RioZim was up a cent at
US202c.
High finance costs severely eroded RioZim profits as the diversified resource firm posted a full-year loss of US$880 000.
The ZSE mining group, whose business includes extraction of gold and diamonds, said in a statement that total finance costs more than doubled to US$10,2 million from US$4,3 million recorded in the previous comparable period.
The US$880 000 loss was, however, better than US$16,2 million the group incurred during the full year to December 2009.
Revenue was up US$67,4 million from US$43,6 million
Gold production for the period under review fell to 18 000 ounces from the 22 762 ounces as a result of power cuts.
Hwange’s recent winning streak continued with a US1,90c gain at US72c and Bindura was slightly up at US14,01c.
Falgold traded unchanged at US6c.